The number one question on many senior’s minds is how much will their retirement cost? It’s common to be concerned about money because you aren’t working anymore and you want to live comfortably. Fortunately, seniors in Kansas City have a few advantages, and the cost of living is about 13% less than the national average. Seniors can also get a break on some of their property taxes by paying in four equal installments rather than one large sum. There are a few qualifications, but it can make finances a little easier.
Let’s look at some of the other expenses you might face during retirement to see how Kansas City stacks up.
Depending on where and how you would like to live, there is a broad range of housing costs. Perhaps you would like to live in a retirement community, so you don’t have to take care of your house any longer. Assisted living will cost about $36,000 per year, and that cost often includes things like utilities, housekeeping, and meals.
If you’re intent on staying in your house or buying a home, the average cost of a single-family home in Kansas City is $109,100. Even better, house appreciation has gone up by 3% in the last twelve months. There are a lot of great neighborhoods in the area and real estate website, Movoto, listed suburbs such as Independence, Prairie Village, and Blue Springs as some of the best places for retired seniors. Houses, the cost of living, and quality of life are all high in these neighborhoods.
You could also rent in one of these areas, and Kansas City rents average about $963 per month. A one-bedroom place could cost around $832 while a two-bedroom apartment could cost around $1,062.
If you look at Medicare costs in Kansas City, you can see that beneficiaries here pay about the same as the national average. The cost per beneficiary nationally is $9,500 while in Kansas City it’s slightly higher at $9,585.
Even though health care isn’t extremely costly in Kansas City, it’s still a good idea to budget wisely for medical expenses. Medicare covers care, but you will still need to pay deductibles and coinsurance. A few Medicare providers also choose not to use fee-for-service rates leaving you covering the cost between care charges and Medicare reimbursement.
If you like to drive, you should factor in both gas, maintenance, and insurance costs. Car insurance in Kansas City averages about $1,334 per month. Higher rates go for $2,270 while lower rates can be around $841. That is a large range so shop around and find a price that fits your budget. Many providers offer safe driver discounts which can save you money and there are a few insurance companies that charge by the mile instead of a monthly rate. If you don’t drive a lot, that can save you money.
Kansas City has an extensive public transportation system that uses buses and trains to help you get around town. Seniors that are 65 or older, as well as those that are disabled or Medicare card holders, can get reduced fares.
There is plenty to do in Kansas City that doesn’t cost a thing. You can ride the historic KC Streetcar and explore downtown, or learn about the Federal Reserve at the Federal Reserve Bank of Kansas Money Museum. The first Friday of every month, you can explore local art and culture as well as live entertainment at First Friday’s or wander the Kauffman Memorial Garden all free of charge.
Find assisted living in Kansas City near you.